World Bank won’t fund coal-related projects in India

KOLKATA: The World Bank has made a U-turn on its stance that coal is the backbone of the India’s energy economy 17 years after it agreed to lend $1.03 billion to Coal India along with a Japanese lending agency. The international lender has now decided not to invest in any coal-related project, be it a coal mine or a thermal power plant.

“The World Bank Group will only in ‘rare circumstances’ provide financial support for new greenfield coal power generation projects; these ‘rare circumstances’ refer to considerations such as the country in question having no other feasible alternatives to meet the basic energy needs of its people,” a World Bank spokesperson told ET.